A rePort: How is a head- liner actually produced? friedrich ... - polytec

More documents

Recommendations

Info

62 In the fi nancial year 2005, expenditure which can be allocated to the IPO were recorded as expenses since it had been unclear at the time of preparation of the Consolidated Financial Statements whether an IPO would actually take place. In the fi nancial year 2006, expenditure which arose in this calendar year in accordance with IAS 32.35 was set off directly with equity. 6. Depreciation and Amortisation As was the case in the previous year, depreciations on intangible assets and tangible assets of TEUR 17,740.4 (previous year: TEUR 16,903.6) does not include any extraordinary depreciation. For a break-down according to individual items, please refer to the Consolidated Movement of Assets. According to IFRS 3 (Business Combinations), goodwill will no longer be amortised beginning with the fi nancial year 2005, but subjected to an annual impairment test. Such impairment test resulted in the fact that no impairment of goodwill was necessary in 2006, as was the case in the previous year. 7. Financial Result IN TEUR 2006 2005 Income from other investments 66.2 67.5 Interest and income from securities 1,365.4 1,110.4 Write-offs of fi nancial assets -73.2 -215.0 Bond interest Interest component of 0.0 -350.9 pension commitments -352.2 -325.4 Other interest expenses -3,658.3 -3,733.7 Other fi nancial results -287.3 31.0 Total -2,939.4 -3,416.1 The Interest component of pension commitments is a non-cash item. All other interest expenses or income are cash items. 8. Taxes on Income IN TEUR 2006 2005 Current income taxes 6,978.3 6,500.6 thereof non-periodic -241.3 1,496.7 Deferred income taxes 2,057.0 567.3 thereof non-periodic 0.0 0.0 Total 9,035.3 7,067.9 thereof non-periodic -241.3 1,496.7 POLYTEC ANNUAL REPORT 2006 NOTES The taxes on income in the fi nancial year 2006 amount to TEUR 9,035.3 (previous year: TEUR 7,067.9) and is TEUR 2,202.0 (previous year: TEUR 1,666.4) higher than the calculated taxes on income of TEUR 6,833.6 (previous year: TEUR 5,401.5) which was calculated by using the tax rate of 25% on the earnings before income tax of TEUR 27,334.5 (previous year: TEUR 21,606.1). The reasons for the difference between the calculated and the disclosed consolidated taxes on income are described as follows: IN TEUR 2006 2005 Earnings before tax at which 25% calculated 27,334.5 21,606.1 tax on income Change in the provision 6,833.6 5,401.5 for deferred tax assets 261.3 -833.6 Effects of tax audit Non profi t-related elements -184.8 -1,136.7 of the income taxes Tax free income from non 385.5 237.6 consolidated investments Non decuctible write-off -16.6 -38.6 of investments Differences from the discrepancy between the local and consolidated 112.1 0.0 tax rate Permanent differences from the consolidation (amortization of goodwill, release of negative goodwill and 2,226.2 1.714.4 consolidation of debts) -337.6 245.7 Other items -3.1 -19.1 Taxes on income for the reporting period 9,276.6 5,571.2 Non-periodic income tax expense/revenue -241.3 Disclosed consolidated tax 1,496.7 on income 9,035.3 7,067.9 9. Intangible Assets The classifi cation of the intangible assets summarized in the Consolidated Balance Sheet and relevant changes are shown in the Consolidated Movement of Assets (Enclosure 1 to the Notes). TEUR 16.9 (previous year: TEUR 0.0) of the intangible assets are mortgaged or pledged as a security for liabilities due to banks.
10. Goodwill Goodwill is allocated to the following business units: IN TEUR 31.12.2006 31.12.2005 Car Styling 12,643.1 12,643.1 Automotive Systems 6,312.0 6,312.0 Automotive Composites 119.2 119.2 Industrial 6,537.2 6,537.2 Total 25,611.5 25,611.5 11. Tangible Assets The classifi cation of the tangible assets summarised in the Consolidated Balance Sheet and relevant changes are shown in the Consolidated Movement of Assets (Enclosure 1 to the Notes). Future expenses from non-terminable operating leases (excluding the commitments against POLYTEC Immobilien GmbH Group which are disclosed in the Consolidated Notes under E 6) amount to TEUR 9,843.0 as of December 31, 2006 (previous year: TEUR 9,342.8) and are matured as listed in the table below: IN TEUR 31.12.2006 31.12.2005 Within one year Longer than one year 2,787.7 2,899.0 and within fi ve years 7,055.3 6,443.8 Longer than fi ve years 0.0 0.0 Capitalised fi nance leases with a book value of TEUR 16,622.8 (previous year: TEUR 16,559.5) are included in the balance sheet item Technical equipment and machinery. Lease obligations to third parties amounting to TEUR 15,799.8 (previous year: TEUR 18,782.3) resulted from the capitalised fi nance leases. The lease obligations (cash values) have the following maturities: IN TEUR 31.12.2006 31.12.2005 Within one year Longer than one year 4,099.9 3,895.4 and within fi ve years 11,699.9 13,798.9 Longer than fi ve years 0.0 1,088.0 The lease payments corresponding to the cash values (without redemption for residual value) amount to TEUR 15,288.2 (previous year: TEUR 18,695.0) and have the following maturities: IN TEUR 31.12.2006 31.12.2005 Within one year Longer than one year 4,576.9 4,656.0 and within fi ve years 10,711.3 13,077.9 Longer than fi ve years 0.0 961.1 In the fi nancial years 2006 and 2005, no impairment losses on intangible assets had to be recognised. Write-ups amounting to TEUR 44.0 (previous year: TEUR 0.0) were made in the reporting period. TEUR 34,752.7 (previous year: TEUR 23,634.4) of the tangible assets were pledged as securities for liabilities due to banks. 12. Deferred Taxes NOTES Differences in the valuation base between the tax balance sheet and the IFRS balance sheet result from the following differences and had the following impact on deferred taxes: 31.12.2006 31.12.2005 IN TEUR ASSETS LIABILITIES ASSETS LIABILITIES Intangible assets 4.3 1,088.8 4.9 0.0 Tangible assets Provision for -5,427.0 190.0 -4,513.2 264.9 severance payments 405.7 0.0 386.2 0.0 Provision for pensions Other provisions 411.5 -7.1 353.2 0.0 for personnel Tax losses 385.1 -30.8 214.8 -26.1 carried forward Tax specifi c 664.8 0.0 637.1 0.0 depreciation 0.0 0.0 0.0 49.8 Lease liabilities 5,356.3 0.0 4,666.6 0.0 Others 1,667.7 582.4 1,937.1 465.7 Subtotal 3,468.4 1,823.3 3,686.7 754.3 Consolidation of debts Elimination of 3.7 551.4 9.5 0.0 intercompany profi ts Capitalisation/ provision for 113.7 0,0 215,6 0.0 deferred taxes 3,585.8 2,374.7 3,911.8 754.3 63 In accordance with IAS 12.39, deferred taxes for differences derived from investments in subsidiaries are not reported in the Consolidated Financial Statement. Deferred taxes from losses carried forward amounting to TEUR 574.1 (previous year: TEUR 132.5) were not capitalised. POLYTEC ANNUAL REPORT 2006
Page 1 and 2:
Polytec AT 0 0 0 0 A 0 0 X X 9 Annu
Page 3:
POLYTEC GROUP OVERVIEW NET DEBT IN
Page 7 and 8:
CONTENTS Preface of the CEO . . . .
Page 9 and 10:
crease in order intake. Unfortunate
Page 11 and 12:
Milestone ... NOT STIRRED James Bon
Page 13 and 14:
Air vent and cabin roof: One of the
Page 15 and 16: BMW in front The BMW is the largest
Page 17 and 18: CLEAR AND
Page 19 and 20: SOUTH AFRICA S POLYTEC COMPOSITES S
Page 21 and 22: Mr Huemer, rumour has it, that you
Page 23 and 24: customers we do not have enough pow
Page 26 and 27: 22 HOW IS A HEADLINER ACTUALLY PROD
Page 28 and 29: 24 POLYTEC ANNUAL REPORT 2006 REPOR
Page 30 and 31: 26 POLYTEC ANNUAL REPORT 2006 REPOR
Page 32 and 33: 28 REINHARD URMANN is a member of t
Page 34 and 35: 30 Kässbohrer suppliers day 1993 F
Page 36 and 37: 32 POLYTEC Elastoform Building unde
Page 38 and 39: 34 seen the accounts of the trouble
Page 40 and 41: 36 CORPORATE GOVERNANCE The Austria
Page 42 and 43: 38 MEMBERS OF THE SUPERVISORY BOARD
Page 44 and 45: 40 INVESTOR RELATIONS INITIAL PUBLI
Page 46: 42 POLYTEC ANNUAL REPORT 2006 INVES
Page 49 and 50: also important for POLYTEC GROUP, u
Page 51 and 52: Automotive Composites Division UNIT
Page 53 and 54: solvent-free painting systems in 20
Page 55 and 56: FINANCIAL STATEMENTS CONSOLIDATED F
Page 57 and 58: CONSOLIDATED BALANCE SHEET AS OF DE
Page 59 and 60: CHANGES IN SHARE- HOLDERS EQUITY IN
Page 61 and 62: sure of balance sheet silent reserv
Page 63 and 64: 7%). If no independent cash fl ow c
Page 65: D. EXPLANATORY COMMENTS ON THE CONS
Page 69 and 70: 17. Interest Bearing Liabilities Th
Page 71 and 72: 4. Risk Reporting In the context of
Page 73 and 74: 8. Executive Bodies of POLYTEC HOLD
Page 75 and 76: COST OF ACQUISITION OR PRODUCTION B
Page 77 and 78: OTHERS/ INDUSTRIAL CONSOLIDATION GR
Page 79 and 80: SCHEDULE OF GROUP INVESTMENTS AS OF
Page 81: GLOSSARY ATX PRIME The ATX prime in
show all

A rePort: How is a head- liner actually produced? friedrich ... - polytec

Create successful ePaper yourself

Delete template?

Save as template?